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Justin Sun’s altcoin maintained uptrends this week, with prices hitting a 2024 peak of $0.14048 on Feb 21. Meanwhile, two catalysts triggered the impressive price jump for TRON (TRX).
The 12.62 million tokens burnet and the blockchain’s plans to integrate ecosystem tokens with the Bitcoin (BTC) network contributed to the upside stance.
Factors driving TRON’s gains
TRX price touched multi-year prices on Wednesday when the alt climbed to $0.14048. That came after the network’s fee revenue hit record highs of over $1.757 million the previous day.
According to #Tronscan, Tron fee revenue reached an all-time high of $1.758 million on February 20.
— TOBTC (@_TOBTC) February 22, 2024
On that day, the Tron network burned a total of 12,622,236 #TRX.#Bitcoin #BTC #Crypto pic.twitter.com/2IaBEwCSc9
The milestone burn campaign saw the blockchain burning 12,622,236 tokens on Feb 20.
Moreover, the latest roadmap announcement by Justin Sun supported the alt’s uptrend. He highlighted plans to integrate TRON assets with the BTC network and the upcoming venture into Bitcoin layer2 solutions and Ordinals.
#TRON DAO Unveils #Bitcoin Layer 2 Solution Roadmap 🌐
— TRON DAO (@trondao) February 19, 2024
-Stage 1 – α: Expanding Bitcoin Interoperability with Cross-Chain Technology
-Stage 2 – β: Growing Collaborations Between TRON and Bitcoin Layer 2 Ecosystems
-Stage 3 – γ: Unveiling a Unified Layer 2 Solution for… pic.twitter.com/T7jmw5FQd3
TRX price outlook
TRON traded at $0.1397 at press time. It gained 0.38% and 6.47% on its daily and weekly charts, respectively. The altcoin exhibits a bullish outlook, eyeing May 2021 highs at $0.17.
The Moving Average Convergence Divergence indicated optimism with green bars.
However, TRX might slide before extending its surges. A correction will see it hitting the support barriers at $0.13124 (23.6% FIB retracement), $0.12552 (38.2% FIB retracement), and $0.12090 (50% FIB retracement.
Positive ecosystem developments and bullish broad market will support TRON’s recoveries.
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